Japan-based bitcoin treasury agency Metaplanet has initiated a significant share buyback program, aiming to repurchase as much as 150 million frequent shares—about 13% of its excellent shares excluding treasury inventory.
The transfer is designed to enhance capital effectivity and handle the corporate’s declining market-to-net-asset worth (mNAV), a key metric reflecting the worth of its enterprise relative to its bitcoin holdings.
Share repurchase particulars
Metaplanet’s board has authorised the creation of a credit score facility with a most borrowing capability of $500 million to fund the buyback, efficient for one 12 months beginning October 29, 2025.
Share repurchases might be performed on the Tokyo Inventory Trade.
The corporate acknowledged in its disclosure:
“We acknowledge that as a result of rising market volatility and a decline in mNAV, our inventory worth at the moment doesn’t adequately replicate our intrinsic financial worth.”
Inventory and mNAV efficiency
Regardless of a 43.4% rise in Metaplanet’s inventory worth year-to-date, the present worth stays 73% beneath its June 2025 peak.
The corporate’s mNAV peaked at 10.33x in February 2025 however has since dropped to 1.03x, following a low of 0.88x earlier in October.
Bitcoin treasury ambitions
Since adopting its bitcoin technique in April 2024, Metaplanet has gathered 30,823 BTC, at the moment valued at round $3.5 billion.
This makes it the fourth-largest company bitcoin treasury globally and the biggest in Asia.
The corporate has reiterated its objective of reaching 210,000 BTC by the tip of 2027.
The importance of mNAV
The mNAV ratio is taken into account an important indicator for digital asset treasury corporations, influencing their capability to boost capital and accumulate bitcoin with out diluting shareholders.
Metaplanet’s current mNAV decline has raised questions concerning the enterprise mannequin’s long-term sustainability, a problem echoed by different companies within the sector.